Kelowna investment company faces $55K in fees and fines for faulty record-keeping | iNFOnews | Thompson-Okanagan's News Source

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Kelowna investment company faces $55K in fees and fines for faulty record-keeping

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A Kelowna investment management company is facing over $55,000 in fees after the B.C. Securities Commission found it had failed to keep accurate records.

Kilburn Ogilvie Wayman Investment Management Ltd. paid $30,000 in fines and $25,700 for the cost of the investigation, according to a news release from the B.C. Securities Commission.

The securities commission found "deficiencies," in the investment management company's record keeping, marketing statements and financial reporting during an analysis in 2019.

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In a settlement, effective Oct. 7, the investigation found the investment company made "unsubstantiated claims" about the benefits of a portfolio manager and failed to register in each province where it had clients.

While the company was based in Kelowna, they had clients in other provinces and is properly registered as a portfolio manager in Ontario, Manitoba and Alberta, according to the settlement.

Along with fees, the investment company will also be compelled to have an independent consultant ensure they comply with securities legislation for two years.

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This is the second time the investment company has signed a settlement with the securities commission. In 2012, the company failed to meet legislation requirements.

However, the settlement agreement notes there is no evidence the company's "deficiencies" negatively impacted their clients.


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